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Thursday, January 26, 2012 - 5.47 GMT

Tourism earnings grew at healthy rate CB


During 2011, earnings from tourism grew at a healthy rate of 44.2 percent to US$ 830 million in 2011 compared to 2010, the Central Bank reported Wednesday in its External Sector Performance Reviews.

In November 2011, earnings from exports grew by 11.6 percent to US$ 879 million, while the expenditure on imports increased by 78 percent to US$ 1.981 billion compared to that of November 2010.

In the first 11 months of 2011, the exports grew 22.2 percent to US$ 9.58 billion and expenditure on imports grew by 53.2 percent to US$ 18.42 billion to widen the trade gap by 111.3 percent to US$8.84 billion.

By end November 2011, gross official reserves stood at US$ 6.2 billion sufficient for 3.8 months of imports.

Agricultural exports recorded a 1.1 percent increase while industrial exports expanded 35 percent in November 2011 compared to the same month last year.

In the month the exports of textile and garments grew by 28.6 percent, rubber based products by 48.3 percent and food, beverages and tobacco by 36.0 percent, according to the Review.

Expenditure on imports grew 78 percent in November 2011 compared to the previous year.

According to the Central Bank the increased demand for investment goods by the government infrastructure projects and higher intermediate and investment goods imports by the private sector have contributed to the trade deficit in November.





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Last modified: January 26, 2012.

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